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Technology Stocks : PairGain Technologies -- Ignore unavailable to you. Want to Upgrade?

To: bronco2 who wrote (25340)	8/10/1998 8:58:00 PM
From: Rainmaker	Respond to of 36349

If the holdings by this group is correct, they could have used a buyout firm like KKR or DLJ to make the purchase. This disguises the large sale through numerous smaller buys so there wouldn't be a price run-up. (I think Jay Mowery posted about two weeks ago RE large block trades of 50k plus.) We should try to compare this list of owners with that listed in the annual report. For a company like PAIR, with a large number of shares outstanding, they have to report owners with 5% or more. Anyone have a copy of the 10K handy?

To: bronco2 who wrote (25340)	8/11/1998 1:06:00 AM
From: Rainmaker	Read Replies (2) \| Respond to of 36349

The 13 G/A filing is extremely interesting. We have a French firm (AXA) owning almost 20% of PAIR. I'll speculate here big time and welcome all comments. Alcatel (largest French telecom equipment manufacturer) used buyout firm DLJ (gave regular fee plus 1,000 shares for handy-work) to make the "discrete" purchase to gain a major, not majority, say on any sale of the company. AXA was used as an underwriter to bond and insure the deal, as well as hide the owner. They positioned themselves to benefit (financially and strategically) if PAIR is sold AND maintain a significant voice to possibly kill any deal they don't like. I think their interest approaches the ownership percentage held by management. Correct me, but the remainder of the stock is held by funds (40%), trusts (10%) and individual investors (10%). They may have effectively sold the company (by aligning fund managers who are interested in increasing their portfolio value through a sale). Chuckie better make a move or someone will make it for him.